‘Trench warfare’ between analogue and digital financial services

A former high-flying trader who has embraced the world of cryptocurrencies says there is a “trench warfare” going on between traditional financial services and digital upstarts.

Danny Masters told Business Insider: “There’s something of a trench warfare going on between what I call analogue financial services companies and digital financial services companies.”

Masters began his career as an oil trader at Shell in the 1980s, rising to become head of JPMorgan’s energy trading business in New York. He left in the late 1990s to set up his own commodities fund, Global Advisors.